India readies Saudi oil import cut as stand-off escalates: Report

NEW DELHI: Indian state refiners are planning to cut oil imports from Saudi Arabia by about a quarter in May, in an escalating stand-off with Riyadh following decision by Organization of Petroleum Exporting Countries (Opec) to ignore calls from New Delhi to help the global economy with higher supply.
Two sources familiar with the discussions said the move was part of the government’s drive to cut dependence on crude from the Middle East.
Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd are preparing to lift about 10.8 million barrels in May, the sources said on condition of anonymity.